Miami Pending Home Sales Rise Again in June Despite Dwindling Supply

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The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of June increased 22 percent, from 2,730 to 3,344, year-over-year but declined 13 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

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The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of June increased 22 percent, from 2,730 to 3,344, year-over-year but declined 13 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

“Despite low levels of housing inventory in Miami, pending sales activity continue to point to strong future sales,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Dwindling supply coupled with rising contract activity will continue to drive price appreciation in Miami-Dade.”

Total Cumulative Pending Sales
Total cumulative pending home sales** – including single-family homes and condominiums - in Miami-Dade County currently are 2.1 percent above what they were a year ago, up from 12,014 to 12,272, and .8 percent above what they were the previous month, up from 12,177.

Pending sales of single-family homes were seven percent above what they were a year earlier, up from 5,036 to 5,380, and one percent above the previous month, when pending single-family homes sales totaled 5,326. Pending sales of condominiums were 1.2 percent lower than they were a year earlier, down from 6,978, and up one percent below what they were the previous month, up from 6,851.

“The Miami real estate market is a focal point for buyers and investors who are drawn to the favorable market conditions, the attractive investment opportunities, and the exciting local lifestyle,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Both international and U.S. investors continue to boost the Miami real estate market and economy as evidenced by strong sales levels and double-digit price appreciation.”

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 1.4 percent to 99.3 in June from 100.7 in May, according to the National Association of Realtors. The index is 9.5 percent higher than the 90.7 index reported in May 2011.

Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

*“Pended sales” are defined as only the sales that pended during a particular month
**”Total cumulative pending sales” refer to all sales cumulatively pending at the end of a particular month.

MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.